[ Nippon Keidanren ]

Establishment of the Council on Accounting of Unlisted Companies

February 25, 2010
The Japan Chamber of Commerce and Industry
The Japan Federation of Certified Public Tax Accountants' Associations
The Japanese Institute of Certified Public Accountants
The Japan Business Federation
The Accounting Standards Board of Japan

We hereby announce the establishment of the "Council on Accounting of Unlisted Companies" (the "Council") and a list of its members and observers, owing to the cooperative efforts of relevant stakeholders.

The Council was established in response to the recommendation from the IFRS Council of January 22, which suggested that a council be established as soon as possible by all relevant stakeholders to consider accounting standards of unlisted companies, taking account of the increasing globalization of Japanese accounting standards through the work efforts towards the convergence with the International Financial Reporting Standards (IFRS).

The Council is expected to deliberate on a wide range of issues relating to accounting standards applied to unlisted companies, taking into account the views such that the impact of globalization on unlisted companies should be minimized or avoided in the context of promoting globalization of Japanese accounting standards.
The first meeting of the Council is scheduled on Thursday, March 4.

It is anticipated that Prof. Hideyoshi Ando, a Professor of Commerce at Senshu University (also, the chair of the Business Accounting Council, and the Committee of Accounting Guideline for Small and Medium-sized Entities) will chair the Council. Further, the Council will set up a joint working group consists of the Japan Chamber of Commerce and Industry (JCCI), the Japan Federation of Certified Public Tax Accountants' Associations (JFCPTAA), the Japanese Institute of Certified Public Accountants (JICPA), the Japan Business Federation (JBF), and the Accounting Standards Board of Japan (ASBJ), primarily based on the membership of the aforementioned Committee of Accounting Guideline for Small and Medium-sized Entities.

<Contact>
The JCCI, http://www.jcci.or.jp/ +81-3-3283-7843 (Kentaro Sugi, Masatoshi Kato)
The JFCPTAA, http://www.nichizeiren.or.jp/ +81-3-5435-0931 (Ken Ishida)
The JICPA, http://www.jicpa.or.jp/ +81-3-3515-1160 (Kousuke Nakano)
The JBF, http://www.keidanren.or.jp/ +81-3-6741-0132 (Yoshiharu Obata)
The ASBJ, http://www.asb.or.jp/ +81-3-5510-2737 (Takehiro Arai, Atsushi Kogasaka)

List of members and observers
– The Council on Accounting of Unlisted Companies –

Chair
Hideyoshi Ando, Professor of Commerce, Senshu University
Vice-chair
Noriaki Shimazaki, Special Advisor, Sumitomo Corporation
Members
Tsutomu Miyagi, Managing Director, the Japan Chamber of Commerce and Industry
Norio Terada, Executive Director, Central Federation of Societies of Commerce and industry, Japan
Naoto Ohmi, Assistant General Secretary, the Japanese Trade Union Confederation
Toshihiro Ikeda, Chairman, the Japan Federation of Certified Public Tax Accountants' Associations
Sadaijin Uenishi, Extraordinary member, Research department, the Japan Federation of Certified Public Tax Accountants' Associations
Koichi Masuda, Chairman and President, the Japanese Institute of Certified Public Accountants
Mitsuru Komiyama, Executive Board Member, the Japanese Institute of Certified Public Accountants
Masakazu Kubota, Senior Managing Director, the Japan Business Federation
Yukihiro Sato, Senior Corporate Advisor, Mitsubishi Electric Corporation
Hideki Kanda, Professor of Law, University of Tokyo
Yoshinobu Shinagawa, Professor, Waseda Graduate School of Accountancy
Kazuo Hiramatsu, Professor of Accounting, Kwansei Gakuin University
Ikuo Nishikawa, Chairman, the Accounting Standards Board of Japan
Takehiro Arai, Full-time board member, the Accounting Standards Board of Japan
Observers
Yoshimitsu Kawai, Counsellor, Civil Affairs Bureau, the Ministry of Justice
Hidenori Mitsui, Director for Corporate Accounting and Disclosure Division, the Financial Services Agency
Nobuyuki Hiratsuka, Director for Corporate Systems, Economic and Industrial Policy Bureau, the Ministry of Economy, Trade, and Industry
Koichi Hamano, Director for Corporate Finance and Tax Affairs Division, the Small and Medium Enterprise Agency
Hiroyuki Matsuzaki, Director for Listing Department, Tokyo Stock Exchange, Inc.
Chair and Vice-chair will be formally elected at the first meeting of the Council.
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